Small business is doing pretty well in Arizona, especially considering the fact that they make up roughly 97 percent of all businesses in the state.
They might be doing quite a bit better than small businesses in other markets too, according to a new survey from the Federal Deposit Insurance Corp. and Local First Arizona.
The 2016 Small Business Credit Survey looked at several markets for 12 months, surveying 10,303 employer firms. The 217 businesses associated with Local First Arizona seemed to have a more positive year than their counterparts, namely in areas such as profitability, employment and revenue.
Local First attributes some of these positive outlooks to the work of local banks and credit unions.
“For Local First Arizona, we have maintained that the solution to increasing access to capital has been through support of local banks and credit unions, as they are more likely to lend to local businesses,” said Erica Fetherston, communications director for LFAZ.
But LFAZ has been a vocal supporter of the state’s small businesses, and it’s become a badge of pride for many Valley residents to say they shop local.
“Local is really getting its stronghold,” Ty Largo, CEO and creative director for Tempe-based advertising and public relations firm Awe Collective. “Local First has really trained this generation of consumers to trust local.”
You can read more about Arizona’s small business environment and how it compares to the rest of the country in this week’s print edition of the Phoenix Business Journal.
Steven covers retail, restaurants, hospitality/tourism as well as aviation, small business and nonprofits.